Until recently everyone who owns or runs a business is often referred to as an entrepreneur, he or she bears the risk of running the business and make decisions without consulting staffs. These days, the commonly used word is ‘Startup’; these are a bunch of innovative and creative minds who have created a product or service that will hopefully meet the needs of their target markets.
A start up is usually initiated by an entrepreneur, often called ‘founder’. Start-ups face high uncertainty and have high rates of failure, but a few of them go on to be successful at fulfilling the purpose for which it was founded.
10 Behaviours of Successful Start ups
This article will help you discover 10 behaviours of successful start-ups, this article will help bridge the gap between failed startups and successful startups, we desire that your startup would grow and become sustainable. The number 7 attribute will make you grim for success.
Successful start-ups are readers
Often time we hear the phrase “readers and leaders”. They read to become leaders in their space. Books on financial management, human psychology, economics, and marketing can’t be scares in the library of successful people.
Virtually everything we need to learn to aid our success has already been written and is available in books. Some books are available in e-version; a simple Google search about a topic of interest will expose you to an unlimited wealth of knowledge.
You can’t get motivated for life in a book, lessons and insights gotten from one book should lead you to read another, that why they are not tired to read, the more reading you do as an entrepreneur the more empowered you become in terms of knowledge.
Success start-ups are not illusional
Successful start-ups set realistic short, medium and long term realistic goals. Being illusional is like building a skyscraper on a 2 inches concrete foundation. They utilize only the available resource while working towards getting the ideal tool or skill they need to complete a task.
Successful start-ups are highly efficient with resources they have, they don’t go about formulating unrealistic theories of productivity, and they shy away from promising a quality they can’t achieve giving the available resources they have.
For them, getting the best out of the available resource is what they work towards. If you want to succeed as a start-up company, don’t promise what you can’t offer in a bid to satisfy a customer, instead seek a collaborative or partnership agreement with a bigger company to get the service done.
Money management is a key to success in business; start-ups who have been successful keep track of earnings and expenses. Money management as defined by Wikipedia is the process of expense tracking, investing, budgeting, banking and evaluating taxes of one’s money which is also called investment management.
This is one of the mistakes made by failed start-ups particularly the ones that had access to seed funding or grants. They buy more than they need, don’t keep track of their expenses, buying what they don’t need and eventually leaving the start-up struggling even before they can do anything.
Good time management is another habit of successful startups. They come up with a plan and take conscious control of the time spent on every process to ensure effectiveness, efficiency and productivity.
Successful start-ups, you get more done because they are disciplined with their timing. Practically nothing meets them unprepared; time mismanagement will deny us of the time we should have used to consider some options before making decisions, which can lead to poor decision making.
The time spent planning shouldn’t encroach in the time for execution, time is limited, and you have only 24 hours and less than 18 active hours to do what you need to do. Drawing up a daily/weekly schedule would be a good way to start – this is what successful startups do.
If you are to come up with your list of habits of successful businesses, this point will most likely make your list!
Goal setting is one of the things successful startups have. Goal setting helps them to remain motivated to achieve set objectives. Success is only measurable when goals are set. Your goal is your purpose whether it for life or business, you should have something or somewhere you aiming to get to otherwise one is bound to fail.
To be continued…